Ethereum price is still solidifying near $3,000. If the bulls push the price above the $3,100 resistance, ETH could begin a steady rise.
- Ethereum is still struggling to recover above the $3,100 resistance zone.
- The price is trading below $3,100 and the 100-hour simple moving average.
- The hourly chart of ETH/USD (data feed via Kraken) shows a major bearish trendline forming at resistance $3,070.
- If the price closes below the $2,850 support zone, the pair may move lower.
Ethereum price integration
Ethereum price attempted another recovery and remained stable above the $3,000 level. However, the bears, like Bitcoin, defended the $3,100 resistance zone.
There was another drop below $3,000. The price surged below the $2,900 support level. The low was made at $2,867 and the price is currently recovering the losses. It crossed the 23.6% Fib retracement level of the downward move from the $3,278 swing high to the $2,867 low.
Ethereum is still trading below $3,100 and the 100-hour simple moving average. Immediate resistance is near the $3,020 level. The first major resistance is near the $3,070 level and the 100-hourly simple moving average.
Additionally, on the hourly chart of ETH/USD, there is a major bearish trendline forming resistance at $3,070. The trend line is close to the 50% Fib retracement level moving down from the $3,278 swing high to the $2,867 low. The next major resistance level is $3,120, a break above which could lead to a rise to the $3,200 level.
Source: ETHUSD on TradingView.com
The main bearish resistance is at $3,280. A close above the $3,280 resistance could lead the price towards the $3,350 pivot level. If there is a move above the $3,350 resistance, Ethereum may move higher towards the $3,550 resistance.
Will there be more losses in ETH?
If Ethereum fails to clear the $3,100 resistance, it could begin another downtrend. Initial support for the downside is near the $2,920 level. The first major support is near the $2,850 area.
A clear move below the $2,850 support could lead the price towards $2,620. More losses could push the price towards the $2,550 level in the near term.
technical indicators
Hourly MACD – ETH/USD MACD is gaining momentum in bearish territory.
RSI per hour – The RSI for ETH/USD is currently below the 50 level.
Key Support Level – $2,850
Key Resistance Level – $3,100